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Nifty analysis with experts, Karnataka Bank and Goa Carbon announced their Q3 results, Indian markets fallback…. Market updates for 11/01/19

PurpleTrades - stock market courses > News > Nifty analysis with experts, Karnataka Bank and Goa Carbon announced their Q3 results, Indian markets fallback…. Market updates for 11/01/19

report by- Sabyasachi Bhattacharya

 

Karnatak Bank Q3 result; let’s take a look at their performance –

Private sector lender Karnataka Bank has reported a whopping 60.6 percent on year increase in third quarter profit at Rs 140.4 crore, driven by other income and operating income. Asset quality stable but provisions remained elevated. Profit during the quarter ended December 2017 stood at Rs 87.4 crore. Net interest income grew by 8.1 percent year-on-year to Rs 488 crore in October-December quarter, the bank said. Asset quality remained stable for the quarter. Gross non-performing assets as a percentage of gross advances were lower at 4.45 percent for the quarter against 4.66 percent in previous quarter and net NPA was unchanged at 3 percent on sequential basis. Provisions for bad loans during the quarter increased 8.2 percent sequentially and 6.4 percent on year to Rs 209 crore in quarter ended December 2018, but provision coverage ratio contracted to 57.2 percent against 57.5 percent QoQ. Capital adequacy ratio at the end of December quarter improved to 11.98 percent against 11.30 percent in September. Other income or non-interest income in Q3 shot up 55 percent to Rs 301.4 crore and operating profit grew by 24.4 percent to Rs 400.4 crore compared to year-ago.

Source-MoneyControl, Purple Trades Research Department 

 

 

Goa Carbon Q3 results; Q3 has been weak for the company-

Goa Carbon, the second largest manufacturer of calcined petroleum coke (CPC) in India, posted another weak quarter due to lack of access to imported raw materials. Sales contracted 17 percent sequentially as limited raw material availability led to plant shutdowns (Goa plant – 55 days, Bilaspur plant – 66 days and Paradeep plant – 61 days). Weak operating performance was much anticipated due to impact of interim ban on petcoke import by Supreme Court (SC), leading to lower capacity utilisation (35 percent in Q3). Further, negative operating leverage had an adverse impact on profitability. While the SC ban on petcoke import was enforced from July 26 to October 9, 2018, new import licenses could get functional after a significant delay. The company could import raw material under the new licensing set-up only in the last days of December. After the recent raw material mobilisation, operations are in full swing. It is sitting on a sale order of 50,000 tonne and hopeful of capacity utilisation of 96 percent in Q4. End-market demand, particularly in the aluminium industry (80 percent of sales) remains intact. However, recent price correction in aluminium (about 10 percent in the last quarter) doesn’t augur well for CPC prices. Price negotiations with smelters suggest some correction in the negotiated CPC prices. At the same time, input cost (raw petcoke) has not declined as much. On account of this, margin pressure are expected to remain in the near term.

Source-Purple Trades Research Department 

 

 

 

Indian markets witnessed a pullback after several bullish sessions-

Chart source- Upstox

Indian markets had a Bearish day today as Nifty showed a lot of volatility. As you can see BEARS dominated at regular intervals. As you can see the markets had a gap up opening today. After the open gap up opening the markets moved downwards. It consolidated a little before actually moving upwards and hitting today’s highs in the early morning. But due to heavy selling the markets moved downwards. Equities have ended the week on a negative note, with the Nifty giving up 10,800. All sectoral indices, barring consumption, have ended in the red. The Nifty FMCG index ended nearly a percent higher. Weakness was visible among midcap names as well, with the Nifty Midcap closing with losses of one-fifth of a percent. At the close of market hours, the Sensex was down 96.66 points or 0.27% at 36009.84, while the Nifty was down 26.60 points or 0.25% at 10795.00. The market breadth was negative as 1180 shares advanced, against a decline of 1403 shares, while 169 shares were unchanged. ITC, Infosys, and UPL were the top gainers, while IndusInd Bank and Tata Motors lost the most.

 

 

 

Let’s take a look at the performance of major Indices-

Global markets had a bullish day today. European Indices CAC, DAX and NIKKEI were all seen in the RED. US index NASDAQ along with Asian Indices were seen in GREEN.

Source- MoneyControl, Purple Trades Research Department 

 

 

Key Points for Traders to watch out for while trading Nifty tomorrow-

  • 10,800 is a short term support for Nifty.
  • If Nifty breaks 10,800 then it has the potential to go down.
  • 10,750 is a short term resistance for Nifty.
  • If Nifty breaks 10,750 then it has the potential to go up.
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